Loading Content...
Ellisville's Housing Market: Steady Ownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ellisville, a city in Missouri, has experienced notable shifts in its housing market over the past decade. Located in St. Louis County, this suburban community is known for its family-friendly atmosphere and proximity to major employment centers. The city has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices.
The homeownership rate in Ellisville has remained relatively stable, with a slight downward trend over the years. In 2013, the city boasted an impressive 85% homeownership rate. However, by 2022, this figure had decreased to 78%. Despite this minor decline, Ellisville maintains a high rate of owner-occupied housing compared to many other urban areas. Concurrently, average home prices have shown a strong upward trajectory. In 2010, the average home price in Ellisville was $224,793. By 2022, this figure had risen to $348,714, representing a substantial 55% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Ellisville follows a generally expected pattern. When interest rates were at historic lows between 2013 and 2016, ranging from 0.11% to 0.40%, the homeownership rate remained high at 85% to 78%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized around 78%. This trend suggests that while low interest rates may have initially supported high homeownership, other factors have helped maintain a relatively high rate even as interest rates increased.
Renter percentages in Ellisville have shown a slight increase, mirroring the decrease in homeownership. The renter-occupied housing rate rose from 15% in 2013 to 22% in 2022. Average rent prices have fluctuated over this period, with notable increases in recent years. In 2013, the average rent was $1,192, which increased to $1,650 in 2021, before dropping to $1,153 in 2022. This recent decrease in average rent, despite the increase in renter percentage, could be attributed to various factors including changes in housing supply or local economic conditions.
In 2023 and 2024, Ellisville's housing market continued to evolve. The average home price reached $365,006 in 2023 and further increased to $376,093 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Ellisville may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by demand for rental properties and overall housing market conditions. However, the rate of increase may be moderated by economic factors and housing supply dynamics.
In summary, Ellisville's housing market has demonstrated resilience and growth over the past decade. Despite a slight decrease in homeownership rates, the city maintains a strong owner-occupied housing base. The significant increase in average home prices reflects the area's desirability and economic stability. The rental market has grown modestly, with fluctuating rent prices indicating a dynamic and responsive housing ecosystem. As Ellisville moves forward, balancing affordability with growth will be key to maintaining its attractive residential profile.
